Of the eight existing Nosh stores, two are currently fully franchised: Mt Manganui and Constellation Drive on Auckland’s North Shore.
If successful, the franchise blueprint could be used to open new Nosh stores in other parts of New Zealand. The board sees this as an important milestone which could present opportunities for further growth of the Nosh business, the company revealed in a news release.
Veritas chair, Tim Cook, said the franchising of Nosh stores has always been part of the company’s vision since they acquired the business 18 months ago.
“After a comprehensive review and restructure of operations we are now well positioned to roll out the franchise model for the existing Nosh stores,” Cook said.
Auckland-based Veritas Investments was formed in December 2011 and made its first acquisition of the Mad Butcher franchisor business in May 2013 through a reverse acquisition transaction. They made further investment in December 2013 for 50 per cent of Kiwi Pacific Foods Limited. In September 2014, Veritas acquired the Nosh Food Market business, and in November 2014 Veritas acquired The Better Bar Company group business.